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Why in the News?
Prime Minister inaugurated the India International Bullion Exchange (IIBX) at the Gujarat International Finance Tec-City (GIFT City).- It was announced by finance minister in the 2020-21 Union Budget.
Key Points:
About
Bullion
- Bullion means physical gold and silver of high purity that is often kept in the form of bars, ingots, or coins.
- It can sometimes be considered legal tender and is often held as reserves by central banks or held by institutional investors.
About
India International Bullion Exchange (IIBX)
- IIBX will facilitate efficient price discovery with the assurance of responsible sourcing and quality, apart from giving impetus to the financialisation of gold in India.
- Regulating Authority: International Financial Services Centres Authority (IFSCA).
- All contracts are listed, traded & settled on IIBX are in US Dollar.
- IIBX offers a varied portfolio of products and technology services at a cost which is far more competitive than the Indian exchanges as well as other global exchanges.
- The International Bullion Exchange will be the Gateway for Bullion Imports into India.
- It shall provide an efficient price discovery, assurance in the gold qulaity, enable greater integration with other segments of financial markets.
- It will help establish India’s position as a dominant trading hub in the World.
